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Posted To: MBS CommentaryAs expected, today could be better characterized as a highly-regulated narcotic sleep aid than an interesting trading day for bond markets. The dreams were sweet, at least, with 10yr yields drifting down to their best levels of the month--just under 2bps lower at 2.238% Fannie 3.5 MBS were up by an eighth of a point in the afternoon, but pulled back just a bit by the close. Lenders passed along at least as much in terms of price improvements (day over day), so it's hard to take exception to the lack of interesting data. Bored market-watchers could discuss things like the death cross in 10yr yields (as in the attached video), or ponder the importance of political headlines (Spicer resignation... hint: not a market mover). If anything the noticeable (and I use the term very loosely) upticks...(read more)
Posted To: Mortgage Rate WatchMortgage rates moved lower today, setting yet another new low for the month of July. For the past 2 weeks, rates have been pushing back against a fairly abrupt spike that took place heading into the month. Concerns over the European Central Bank's (ECB's) bond buying plans sparked the move higher, but those concerns were officially put to rest as of yesterday. In simpler terms, extra demand for bonds pushes bond prices higher and rates lower. The ECB buys LOTS of bonds. This puts downward pressure on rates around the world (more so in Europe than in the US, but we still get some indirect benefit). There was some concern at the end of June that the ECB was getting closer to announcing it would buy fewer bonds (thus the rate spike heading into July). While that day will likely come eventually...(read more)
Posted To: MND NewsWireIt remains to be seen if it passes into law, or how it will hold up during the process, but housing industry groups say an agreement has been hammered out for renewing the federal flood insurance program . Both the National Association of Home Builders (NAHB) and the National Association of Realtors® (NAR) say they have been working with the House Financial Services Committee on parameters, for, in the words of NAHB, "A viable, long-term flood insurance reauthorization bill that will keep the National Flood Insurance Program (NFIP) fiscally sound and enable home builders to provide safe and affordable housing to consumers." A flood insurance policy is required of homeowners who live in certain Federal Emergency Management Agency (FEMA) designated flood plains and have a mortgage issued...(read more)